*CBGP, GHG emissions, and financial stability
global cvar dlnpgdp dpopden dtrade dfdbanks dtec dpse
xtreg dpco2 dcbgp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Decomposing CBGP: monetary and financial policy effects
xtreg dpco2 dfp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dfp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dfp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dfp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dmp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dmp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dmp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dmp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Heterogeneous effects of CBGP: developed versus developing economies
xtreg dpco2 dcbgp developed c.dcbgp#i.developed $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dcbgp developed c.dcbgp#i.developed $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dcbgp developed c.dcbgp#i.developed $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dcbgp developed c.dcbgp#i.developed $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dfp developed c.dfp#i.developed $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dfp developed c.dfp#i.developed $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dfp developed c.dfp#i.developed $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dfp developed c.dfp#i.developed $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dmp developed c.dmp#i.developed $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dmp developed c.dmp#i.developed $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dmp developed c.dmp#i.developed $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dmp developed c.dmp#i.developed $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Heterogeneous effects of CBGP: regional differences
xtreg dpco2 dcbgp c.dcbgp#ib7.region $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o))
xtreg dpghg dcbgp c.dcbgp#ib7.region  $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o))
xtreg dbanknpl dcbgp c.dcbgp#ib7.region  $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o))
xtreg dbankprofitability c.dcbgp#ib7.region  dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o))
xtreg dpco2 dfp c.dfp#ib7.region $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o))
xtreg dpghg dfp c.dfp#ib7.region  $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o))
xtreg dbanknpl dfp c.dfp#ib7.region  $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o))
xtreg dbankprofitability dfp c.dfp#ib7.region $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o))
xtreg dpco2 dmp c.dmp#ib7.region $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o))
xtreg dpghg dmp c.dmp#ib7.region  $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o))
xtreg dbanknpl dmp c.dmp#ib7.region  $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o))
xtreg dbankprofitability dmp c.dmp#ib7.region $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o))
*Heterogeneous effects of CBGP: bank-based versus market-based financial systems
xtreg dpco2 dcbgp bankbased c.dcbgp#c.bankbased $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dcbgp bankbased c.dcbgp#c.bankbased $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dbanknpl dcbgp bankbased c.dcbgp#c.bankbased $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dbankprofitability dcbgp bankbased c.dcbgp#c.bankbased $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dfp bankbased c.dfp#c.bankbased $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dfp bankbased c.dfp#c.bankbased $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dbanknpl dfp bankbased c.dfp#c.bankbased $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dbankprofitability dfp bankbased c.dfp#c.bankbased $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dmp bankbased c.dmp#c.bankbased $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dmp bankbased c.dmp#c.bankbased $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dbanknpl dmp bankbased c.dmp#c.bankbased $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dbankprofitability dmp bankbased c.dmp#c.bankbased $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*CBGP: tangible versus “just talking”
xtreg dpco2 dt $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dt $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dt $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dt $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dnt $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dnt $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dnt $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dnt $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Policy lag effects
xtreg dpco2 dcb1 $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dcb1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dcb1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dcb1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 df1 $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg df1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl df1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability df1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dm1 $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dm1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dm1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dm1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))

xtreg dpco2 dcb2 $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dcb2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dcb2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dcb2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 df2 $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg df2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl df2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability df2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dm2 $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dm2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dm2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dm2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Robustness check (I): placebo test
xtreg dcbgp dc1  $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dcbgp dg1 $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dcbgp dn1 $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dcbgp dp1  $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dfp dc1  $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dfp dg1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dfp dn1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dfp dp1  $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dmp dc1  $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dmp dg1 $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dmp dn1 $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dmp dp1  $cvar  i.year ,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
*Robustness check (II): IV estimation with heteroskedasticity-based (Lewbel) instruments
global svar dlnpgdp dtrade dpse yr47 yr57
ivreg2h dpco2 dlnpgdp dpopden dtrade dfdbanks dtec dpse yr* (dcbgp=), z($svar) small robust 
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3)
ivreg2h dpghg dlnpgdp dpopden dtrade dfdbanks dtec dpse yr* (dcbgp=), z($svar) small robust 
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2h dbanknpl dlnpgdp dpopden dtrade dfdbanks dtec dpse yr* (dcbgp=), z($svar) small robust 
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2h dbankprofitability dlnpgdp dpopden dtrade dfdbanks dtec dpse yr* (dcbgp=), z($svar) small robust 
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2h dpco2 dlnpgdp dpopden dtrade dfdbanks dtec dpse yr* (dfp=), z($svar) small robust 
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2h dpghg dlnpgdp dpopden dtrade dfdbanks dtec dpse yr* (dfp=), z($svar) small robust 
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2h dbanknpl dlnpgdp dpopden dtrade dfdbanks dtec dpse yr* (dfp=), z($svar) small robust 
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2h dbankprofitability dlnpgdp dpopden dtrade dfdbanks dtec dpse yr* (dfp=), z($svar) small robust 
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2h dpco2 dlnpgdp dpopden dtrade dfdbanks dtec dpse yr* (dmp=), z($svar) small robust
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2h dpghg dlnpgdp dpopden dtrade dfdbanks dtec dpse yr* (dmp=), z($svar) small robust 
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2h dbanknpl dlnpgdp dpopden dtrade dfdbanks dtec dpse yr* (dmp=), z($svar) small robust 
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2h dbankprofitability dlnpgdp dpopden dtrade dfdbanks dtec dpse yr* (dmp=), z($svar) small robust 
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
*Robustness check (III): additional measures of financial stability
xtreg dbankcapitaladeq dcbgp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankcapitaladeq2 dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankz1 dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankcapitaladeq dfp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankcapitaladeq2 dfp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankz1 dfp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankcapitaladeq dmp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankcapitaladeq2 dmp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankz1 dmp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Appendix A
*Heterogeneous effects of CBGP: separate regressions for developed versus developing economies
xtreg dpco2 dcbgp $cvar i.year if developed==1,fe vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dpghg dcbgp $cvar  i.year if developed==1,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dbanknpl dcbgp $cvar  i.year if developed==1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dcbgp $cvar  i.year if developed==1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dcbgp $cvar i.year if developed==0,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dcbgp $cvar  i.year if developed==0,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dcbgp $cvar  i.year if developed==0,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dcbgp $cvar  i.year if developed==0,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))

xtreg dpco2 dfp $cvar i.year if developed==1,fe vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dpghg dfp $cvar  i.year if developed==1,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dbanknpl dfp $cvar  i.year if developed==1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dfp $cvar  i.year if developed==1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dfp $cvar i.year if developed==0,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dfp $cvar  i.year if developed==0,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dfp $cvar  i.year if developed==0,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dfp $cvar  i.year if developed==0,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))

xtreg dpco2 dmp $cvar i.year if developed==1,fe vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dpghg dmp $cvar  i.year if developed==1,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dbanknpl dmp $cvar  i.year if developed==1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dmp $cvar  i.year if developed==1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dmp $cvar i.year if developed==0,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dmp $cvar  i.year if developed==0,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dmp $cvar  i.year if developed==0,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dmp $cvar  i.year if developed==0,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Heterogeneous effects of CBGP: bank-based versus market-based financial systems (alternative estimators)
xtreg dpco2 dcbgp bankbased c.dcbgp#c.bankbased $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dpghg dcbgp bankbased c.dcbgp#c.bankbased $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dcbgp bankbased c.dcbgp#c.bankbased $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dcbgp bankbased c.dcbgp#c.bankbased $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dpco2 dfp bankbased c.dfp#c.bankbased $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dpghg dfp bankbased c.dfp#c.bankbased $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dfp bankbased c.dfp#c.bankbased $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dfp bankbased c.dfp#c.bankbased $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dpco2 dmp bankbased c.dmp#c.bankbased $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dpghg dmp bankbased c.dmp#c.bankbased $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dmp bankbased c.dmp#c.bankbased $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dmp bankbased c.dmp#c.bankbased $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
*Heterogeneous effects of CBGP: explicit environmental mandates versus none
xtreg dpco2 dcbgp EM2 c.dcbgp#i.EM2 $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dcbgp EM2 c.dcbgp#i.EM2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dcbgp EM2 c.dcbgp#i.EM2 $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dcbgp EM2 c.dcbgp#i.EM2 $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dfp EM2 c.dfp#i.EM2 $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dfp EM2 c.dfp#i.EM2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dfp EM2 c.dfp#i.EM2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dfp EM2 c.dfp#i.EM2 $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dmp EM2 c.dmp#i.EM2 $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dmp EM2 c.dmp#i.EM2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dmp EM2 c.dmp#i.EM2 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dmp EM2 c.dmp#i.EM2 $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Heterogeneous effects of CBGP: inflation-targeters versus non-inflation-targeters
xtreg dpco2 dcbgp inflationtargeters c.dcbgp#i.inflationtargeters $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dcbgp inflationtargeters c.dcbgp#i.inflationtargeters $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dcbgp inflationtargeters c.dcbgp#i.inflationtargeters $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dcbgp inflationtargeters c.dcbgp#i.inflationtargeters $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dfp inflationtargeters c.dfp#i.inflationtargeters $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dfp inflationtargeters c.dfp#i.inflationtargeters $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dfp inflationtargeters c.dfp#i.inflationtargeters $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dfp inflationtargeters c.dfp#i.inflationtargeters $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dmp inflationtargeters c.dmp#i.inflationtargeters $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dmp inflationtargeters c.dmp#i.inflationtargeters $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dmp inflationtargeters c.dmp#i.inflationtargeters $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dmp inflationtargeters c.dmp#i.inflationtargeters $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Heterogeneous effects of CBGP: substitutes or complementarity with climate policy
xtreg dpco2 dcbgp del c.dcbgp#c.del $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dcbgp del c.dcbgp#c.del $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dcbgp del c.dcbgp#c.del $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dcbgp del c.dcbgp#c.del $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dfp del c.dfp#c.del $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dfp del c.dfp#c.del $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dfp del c.dfp#c.del $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dfp del c.dfp#c.del $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dmp del c.dmp#c.del $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dmp del c.dmp#c.del $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dmp del c.dmp#c.del $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dmp del c.dmp#c.del $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Robustness check: placebo test (alternative estimators)
xtreg dcbgp dc1  $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dcbgp dg1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dcbgp dn1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dcbgp dp1  $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dfp dc1  $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dfp dg1 $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dfp dn1 $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dfp dp1  $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dmp dc1  $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dmp dg1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dmp dn1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dmp dp1  $cvar  i.year ,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Robustness check: placebo test using emissions and financial variables in levels
xtreg dcbgp co1  $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dcbgp ghg1 $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dcbgp npl1 $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dcbgp profit1  $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dfp co1  $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dfp ghg1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dfp npl1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dfp profit1  $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dmp co1  $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dmp ghg1 $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dmp npl1 $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dmp profit1  $cvar  i.year ,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
*Robustness check: placebo test using emissions and financial variables in levels (alternative estimators)
xtreg dcbgp co1  $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dcbgp ghg1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dcbgp npl1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dcbgp profit1  $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dfp co1  $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dfp ghg1 $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dfp npl1 $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dfp profit1  $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg dmp co1  $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dmp ghg1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dmp npl1 $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dmp profit1  $cvar  i.year ,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Robustness check: heteroskedasticity test for Lewbel IV identification
reg dcbgp dlnpgdp dtrade dpse yr47 yr57
estat hettest
reg dfp dlnpgdp dtrade dpse yr47 yr57
estat hettest
reg dmp dlnpgdp dtrade dpse yr47 yr57
estat hettest
*Robustness check: IV estimation using lagged CBGP as instruments
ivreg2 dpco2 i.year $cvar (dcbgp = l.dcbgp),r
outreg2 using 1.doc,replace tstat bdec(3) tdec(3) rdec(3)
ivreg2 dpghg  $cvar i.year (dcbgp = l.dcbgp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dbanknpl  $cvar i.year (dcbgp = l.dcbgp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dbankprofitability  $cvar i.year (dcbgp = l.dcbgp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dpco2 i.year $cvar (dfp = l.dfp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dpghg  $cvar i.year (dfp = l.dfp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dbanknpl  $cvar i.year (dfp = l.dfp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dbankprofitability  $cvar i.year (dfp = l.dfp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dpco2 i.year $cvar (dmp = l.dmp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dpghg  $cvar i.year (dmp = l.dmp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dbanknpl  $cvar i.year (dmp = l.dmp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dbankprofitability  $cvar i.year (dmp = l.dmp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
*Robustness check: IV estimation using regional peer average CBGP as instruments
ivreg2 dpco2 i.year $cvar (dcbgp = mcbgp),r
outreg2 using 1.doc,replace tstat bdec(3) tdec(3) rdec(3)
ivreg2 dpghg  $cvar i.year (dcbgp = mcbgp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dbanknpl  $cvar i.year (dcbgp = mcbgp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dbankprofitability  $cvar i.year (dcbgp = mcbgp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dpco2 i.year $cvar (dfp = mfp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dpghg  $cvar i.year (dfp = mfp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dbanknpl  $cvar i.year (dfp = mfp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dbankprofitability  $cvar i.year (dfp = mfp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dpco2 i.year $cvar (dmp = mmp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dpghg  $cvar i.year (dmp = mmp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dbanknpl  $cvar i.year (dmp = mmp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
ivreg2 dbankprofitability  $cvar i.year (dmp = mmp),r
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
*Robustness check: controlling for other potential confounds
global cvar dlnpgdp dpopden dtrade dfdbanks dtec dpse del dor dcec 
xtreg dpco2 dcbgp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dfp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dfp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dfp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dfp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dmp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dmp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dmp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dmp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Robustness check: sensitivity analysis with reclassified CBGP
global cvar dlnpgdp dpopden dtrade dfdbanks dtec dpse
xtreg dpco2 dfpr $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dfpr $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dfpr $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dfpr $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dhp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dhp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dhp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dhp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dmpr $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dmpr $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dmpr $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dmpr $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Robustness check: alternative CBGP index via principal component analysis
xtreg dpco2 pc1_policy $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg pc1_policy $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl pc1_policy $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability pc1_policy $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 z_fp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg z_fp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl z_fp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability z_fp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 z_mp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg z_mp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl z_mp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability z_mp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Robustness check: alternative CBGP index normalized by bank assets
xtreg dpco2 n_dcbgp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg n_dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl n_dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability n_dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 n_dfp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg n_dfp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl n_dfp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability n_dfp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 n_dmp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg n_dmp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl n_dmp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability n_dmp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Robustness check: fixed effects with level variables
global cvar lnpgdp popden trade fdbanks tec pse
xtreg pco2 cbgp $cvar i.year if year>2001,fe r
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg pghg cbgp $cvar i.year  if year>2001,fe r
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg banknpl  cbgp $cvar i.year  if year>2001,fe r
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg bankprofitability cbgp $cvar i.year  if year>2001,fe r
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg pco2 fp $cvar i.year  if year>2001,fe r
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg pghg fp $cvar i.year  if year>2001,fe r
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg banknpl  fp $cvar i.year  if year>2001,fe r
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg bankprofitability fp $cvar i.year  if year>2001,fe r
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg pco2 mp $cvar i.year  if year>2001,fe r
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg pghg mp $cvar i.year  if year>2001,fe r
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg banknpl  mp $cvar i.year  if year>2001,fe r
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
xtreg bankprofitability mp $cvar i.year  if year>2001,fe r
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), F-statistic, e(F))
*Robustness check: fixed effects with first-differenced variables
global cvar dlnpgdp dpopden dtrade dfdbanks dtec dpse
xtreg dpco2 dcbgp $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dpghg dcbgp $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dbanknpl dcbgp $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dbankprofitability dcbgp $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dpco2 dfp $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dpghg dfp $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dbanknpl dfp $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dbankprofitability dfp $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dpco2 dmp $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dpghg dmp $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dbanknpl dmp $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg dbankprofitability dmp $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
*Robustness check: Pooled OLS
reg dpco2 dcbgp $cvar i.year ,vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
reg dpghg dcbgp $cvar i.year,vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
reg dbanknpl dcbgp $cvar i.year ,vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat( F-statistic, e(F))
reg dbankprofitability dcbgp $cvar i.year,vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat( F-statistic, e(F))
reg dpco2 dfp $cvar i.year,vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat( F-statistic, e(F))
reg dpghg dfp $cvar i.year ,vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat( F-statistic, e(F))
reg dbanknpl dfp $cvar i.year ,vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat( F-statistic, e(F))
reg dbankprofitability dfp $cvar i.year ,vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat( F-statistic, e(F))
reg dpco2 dmp $cvar i.year,vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
reg dpghg dmp $cvar i.year ,vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat( F-statistic, e(F))
reg dbanknpl dmp $cvar i.year,vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
reg dbankprofitability dmp $cvar i.year,vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
*Robustness check: specifications in levels with country fixed effects and panel unit root inference
global cvar lnpgdp popden trade fdbanks tec pse
xtscc pco2 cbgp $cvar,fe 
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtscc pghg cbgp $cvar ,fe 
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat( F-statistic, e(F))
xtscc banknpl  cbgp $cvar ,fe 
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat( F-statistic, e(F))
xtscc bankprofitability cbgp $cvar ,fe 
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtscc pco2 fp $cvar ,fe 
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtscc pghg fp $cvar ,fe 
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat( F-statistic, e(F))
xtscc banknpl  fp $cvar ,fe 
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat( F-statistic, e(F))
xtscc bankprofitability fp $cvar ,fe 
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat( F-statistic, e(F))
xtscc pco2 mp $cvar ,fe 
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtscc pghg mp $cvar ,fe 
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtscc banknpl  mp $cvar ,fe 
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat( F-statistic, e(F))
xtscc bankprofitability mp $cvar ,fe 
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
*Robustness check: using log-levels of emissions
global cvar dlnpgdp dpopden dtrade dfdbanks dtec dpse
xtreg d_ln_pco2 dcbgp $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg d_ln_pghg dcbgp $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg d_ln_pco2 dfp $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg d_ln_pghg dfp $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg d_ln_pco2 dmp $cvar i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
xtreg d_ln_pghg dmp $cvar  i.year,fe vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(F-statistic, e(F))
*Robustness check: using winsorized variables
global cvar dlnpgdp dpopden_w_w dtrade dfdbanks dtec_w_w dpse
xtreg dpco2 dcbgp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl_w_w dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability_w_w dcbgp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dfp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dfp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl_w_w dfp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability_w_w dfp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dmp $cvar i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dmp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl_w_w dmp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability_w_w dmp $cvar  i.year,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Robustness check: CBGP and economic downturns
global cvar dlnpgdp dpopden dtrade dfdbanks dtec dpse
xtreg dpco2 dcbgp $cvar i.year  eg1 c.dcbgp#i.eg1,re vce(cluster id)
outreg2 using 1.doc,replace  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dcbgp $cvar  i.year  eg1 c.dcbgp#i.eg1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dcbgp $cvar  i.year eg1 c.dcbgp#i.eg1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dcbgp $cvar  i.year  eg1 c.dcbgp#i.eg1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dfp $cvar i.year  eg1 c.dfp#i.eg1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dfp $cvar  i.year  eg1 c.dfp#i.eg1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dfp $cvar  i.year  eg1 c.dfp#i.eg1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dfp $cvar i.year  eg1 c.dfp#i.eg1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpco2 dmp $cvar i.year  eg1 c.dmp#i.eg1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dpghg dmp $cvar  i.year  eg1 c.dmp#i.eg1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbanknpl dmp $cvar  i.year  eg1 c.dmp#i.eg1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
xtreg dbankprofitability dmp $cvar i.year  eg1 c.dmp#i.eg1,re vce(cluster id)
outreg2 using 1.doc,append  tstat bdec(3) tdec(3) rdec(3) addstat(Overall R-squared, e(r2_o), Wald chi2, e(chi2))
*Robustness check: dynamic model specification using system GMM
xtabond2 dbanknpl l.dbanknpl dcbgp $cvar, gmm(l.dbanknpl , collapse lag(2 3)) gmm(dfdbanks , collapse lag(1 5)) iv(dlnpgdp dpopden dtrade dtec dpse) twostep robust
outreg2 using 1.doc,replace tstat bdec(3) tdec(3) rdec(3)
xtabond2 dbankprofitability l.dbankprofitability dcbgp $cvar, gmm(l.dbankprofitability , collapse lag(2 3)) gmm(dfdbanks , collapse lag(1 5)) iv(dlnpgdp dpopden dtrade dtec dpse) twostep robust
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
xtabond2 dbanknpl l.dbanknpl dfp $cvar, gmm(l.dbanknpl , collapse lag(2 3)) gmm(dfdbanks , collapse lag(1 5)) iv(dlnpgdp dpopden dtrade dtec dpse) twostep robust
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
xtabond2 dbankprofitability l.dbankprofitability dfp $cvar, gmm(l.dbankprofitability , collapse lag(2 3)) gmm(dfdbanks , collapse lag(1 5)) iv(dlnpgdp dpopden dtrade dtec dpse) twostep robust
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
xtabond2 dbanknpl l.dbanknpl dmp $cvar, gmm(l.dbanknpl , collapse lag(2 3)) gmm(dfdbanks , collapse lag(1 5)) iv(dlnpgdp dpopden dtrade dtec dpse) twostep robust
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
xtabond2 dbankprofitability l.dbankprofitability dmp $cvar, gmm(l.dbankprofitability , collapse lag(2 3)) gmm(dfdbanks , collapse lag(1 5)) iv(dlnpgdp dpopden dtrade dtec dpse) twostep robust
outreg2 using 1.doc,append tstat bdec(3) tdec(3) rdec(3)
*Descriptive statistics
drop if dlnpgdp==.| dpopden==.| dtrade==.| dpse==.| dfdbanks==.| dtec==.|dcbgp==.
outreg2 using Descriptive.doc, keep(dpco2 dpghg dbanknpl dbankprofitability  dcbgp dfp dmp dlnpgdp dpopden dtrade dfdbanks dtec dpse dbankprofitability_w_w dbanknpl_w_w dpopden_w_w dtec_w_w) word sum(detail) bdec(3) replace
